Almost positive it would since it is the same frame as the 9 and 357 versions. Certainly something like a Desantis Nemeis for pocket carry would work. I'm not sure about the cylinder size so something like fitted Kydex might not work - but I think those would too
Old thread, new answer. Eighteen months ago, I tried to buy a Kydex IWB holster from Cook's Holster's and I ordered a 357, 3Five7, version and in the notes I said it would be for a 327, 3Two7, actually. Well a week later they wrote me back saying they had contacted Ruger and the 327's cylinder was actually longer than a 357's and they could not do it.
A couple of weeks ago I mentioned my dilemma in another forum and Crossbreed was mentioned as making them (I was a longtime Crossbreed owner, but when I had looked before, they did not offer one in 327) Well now they do, I got mine today, fits the gun beautifully.
I have looked for a pocket holster in leather, but none are made specifically that I have found. I just tried my Galco PH158 J139H that I use with my S&W 637 38 J-Frame. I had tried it a couple of years ago, but forgot the results. I can get the Ruger in and bottomed but it is tight. Perhaps placing the gun in a sandwich bag and leaving the whole shebang in the holster overnight will stretch it out. I'll try that. (This holster does not allow the muzzle of my S&W or Ruger to hit the bottom of my pocket, which might allow the backstrap to be visible.)
I would accept a Kydex pocket holster too, but I have not been able to find one of those either.
Sorry to resurrect an old thread, but it does offer a bit of newer information.